Where do we even start?

I got together with Winnie at a local park so we could talk at a safe physically distant space without masks.  It was a warm summer day and it felt normal in this time of not normal. 

We discussed the process she and John went through to get to the point where they sold their longtime “dream-come true” family home. 

Winnie and John have a condo in California they have rented out to students for many years.  They have always thought this is where they would retire.  Since they had a place they love to go to that part of the decision was easy. One piece of advice from Winnie “If you are thinking about renting your current home keep location in mind.  As someone who has had a rental property across the country I can attest to the need for a REALLY GOOD property manager”.  If you are going to stay in the area and deal with the rental yourself remember it’s like having a job. 

I asked Winnie what came first.  She said “we are very fortunate to have a third party who knows us well and was willing to work through the issues so we could get to a decision”.  I realize this probably sounds like a therapist, but it is actually their financial planner.  He has worked with Winnie and John over the years to build a nest egg so they were financially prepared to make the move.  He knows them well and is not shy about having frank conversations and helping them work through their financial issues as a couple so they could come to an agreement.  Winnie said you need to “get through the discomfort” of evaluating and talking about your financial future.  Until you have a strong understanding of where you are and what you will need you can’t make a good plan on what comes next.  

The thing that prompted their move now was the realization if they stayed where they were they would need to put time, effort and money into the house.  Even though they had maintained the house over the years it was time for some updates and modifications for them to stay there.  They decided it was better for them to spend that money on making a change to their lifestyle not updating bathrooms.  They also realized the time for large family holiday gatherings had passed.  Their kids live far away and won’t be making the trip home for Thanksgiving or Christmas regularly anymore. 

The decision was ultimately made based on three things:

> Their future financial picture

> Their desire to be less tied down to a house and yard

> The fact they didn’t need so much space anymore.

“The things we hope to do during retirement would be impacted by the cost and time of owning a big home with a big yard” Winnie said.

One last piece of advice from Winnie is “Don’t let the destination get in the way of enjoying the journey.”  We will cover that journey in the next blog about the implementation of Winnie and John’s plan.

These can be tough decisions but with honesty about where you are and where you want to be you can get there. 

 If you need referrals for financial planners, contractors, home design folks or anything else Real Estate related reach out.